South Stream pipeline gets Turkey green light

December 29/2011

(bbc.co.uk)
-- Turkey has given permission for the South Stream gas pipeline to be built
across its territories, giving the project a clear run into the lucrative energy
markets of Europe.The pipeline will transport Russian gas to Europe under
the Black Sea. It will now be able to bypass Ukraine, which had failed to reach
an agreement with the pipeline's owners.

Gazprom has a 50% stake in the project, Italy's Eni 20% and France's
EDF and Germany's Wintershall 15% each. A short statement from Gazprom said "all
necessary and unconditional permits were granted".

The full pipeline is expected to be completed by the end of
2015.The main rival to the South Stream project is the EU-backed Nabucco
pipeline, which is set to carry gas from the Caspian region to Austria, passing
through southern Europe.